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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
Confidence votes 5.9K. The law of diminishing returns, a widely accepted premise in economics, simply states that there is a point beyond which production is not increased proportionally to input, and eventually might even began to decrease.